Dhaka stocks drop on profit taking after 5-day gain

Dhaka stocks dropped on Monday, breaking a five-day gaining spell as investors went for profit-taking share sales, especially from the financial stocks.DSEX, the key index of the Dhaka Stock Exchange, shed 0.21 per cent, or 11.94 points, to close at 5,584.97 points on Monday after gaining 217 points in the previous five trading sessions.After a brief upward move, the market slid sharply and ultimately finished with a modest gain in a choppy trading as investors went for profit-taking share sales after gains in recent days, market operators said.They said that the market took a breather on Monday after the five-day surge amid investors’ optimism over the market ahead of the prime minister Sheikh Hasina’s visit to the Bangladesh Securities and Exchange Commission on September 12 to attend the 25th anniversary programme of the commission.Investors’ profit taking from the financial stocks dragged down the index, they said.The average share prices of banks and non-bank financial institutions dropped by 1.50 per cent and 0.67 per cent respectively that weighed on the index.Out of the 30 traded bank scrips, 26 dropped, just three advanced and one remained unchanged, while out of the 22 traded NBFIs, 14 declined, six advanced and two remained unchanged on Monday.The share prices of textile and food sectors also declined on the day.Investors’ presence on the trading floor also increased as Eid hangover began to wane.Trading at the DSE resumed on Sunday after a five-day closure due to Eid-ul-Azha and weekly holidays.The turnover on the DSE advanced to Tk 532.00 crore on Monday compared with that of Tk 420.24 crore in the previous trading session.On the other hand, a section of investors still kept buying shares from sector-specific large capitalised scrips as they assumed that the key index would cross 6,000-points mark, market operators said.Among the prominent scrips, the share prices of Bangladesh Export Import Company, Grameenphone, Berger Paints Bangladesh and Baraka Power soared on Monday.The average share prices of miscellaneous, telecommunication and energy sectors soared by 2.85 per cent, 1.41 per cent and 0.82 per cent respectively that saved the market from further fall.‘The market started with positive vibe but did not sustain as investors opted for booking gain on their holdings,’ said EBL Securities in its daily market commentary.Of the 335 companies and mutual funds traded, 145 advanced, 155 declined, and 34 remained unchanged.DS30, the blue-chip index of the DSE, however, gained 0.04 per cent, or 0.54 points, to close at 1,964.88 points.Shariah index DSES also added 0.04 per cent, or 0.54 points, to finish at 1,272.87 points.Bangladesh Export Import Company led the turnover chart with its shares worth Tk 32.08 crore changing hands.Active Fine Chemicals, United Power Generation Company, BBS Cables, LankaBangla Finance, National Housing Finance, Dhaka Bank, RD Food, MJL Bangladesh and IFAD Autos were the other turnover leaders.KDS Accessories gained the most on the day with a 9.96-per cent increase in its share prices, while Zeal Bangla Sugar Mills was the worst loser, shedding 5.33 per cent.